Ripple enjoyed a strong advance from early November and topped out on 20th November. Such rally is categorized as a third wave impulse in Elliot Wave and 4th wave correction is expected before the rally resumed in 5th wave to complete the impulse sequence.
The correction which took the shape of a double-three pattern and lasted for almost 30 days seems to have found a bottom at a key demand zone. Price has broken out of wave (Y) descending channel and further upside is expected in wave (5) of i.
Volume and Mean Value Analysis Also Support The Bullish Bias
We can see the price has rotated back to a value area on the chart by retesting 50 EMA that lined up with the support zone. Besides, during the correction, the volume reduced and contracted while there is surge in volume during the last two days of the bullish breakout. This suggests that there is a lot of demand and we could see a sharp rally in the week ahead.
What's your view on Ripple? Let me know in the comment.
Thanks for reading.
Veejahbee.
The correction which took the shape of a double-three pattern and lasted for almost 30 days seems to have found a bottom at a key demand zone. Price has broken out of wave (Y) descending channel and further upside is expected in wave (5) of i.
Volume and Mean Value Analysis Also Support The Bullish Bias
We can see the price has rotated back to a value area on the chart by retesting 50 EMA that lined up with the support zone. Besides, during the correction, the volume reduced and contracted while there is surge in volume during the last two days of the bullish breakout. This suggests that there is a lot of demand and we could see a sharp rally in the week ahead.
What's your view on Ripple? Let me know in the comment.
Thanks for reading.
Veejahbee.